### S86 Separate property businesses

| Not held for long-term business | Held for long-term business | Matched to non-BLAGAB liabilities – e.g. unit-linked life property funds | Matched to non-BLAGAB liabilities – e.g. unit-linked pension property fund | Long-term business property investment not matched to any liabilities - e.g. held in with-profits fund | |--------------------------------|-----------------------------|---------------------------------------------------------------------|---------------------------------------------------------------------|---------------------------------------------------------------------|

- **Net off losses v other BLAGAB profits. S87 Net loss is ‘Deemed BLAGAB management expense’**
- **Allocate between BLAGAB and non-BLAGAB as per Chapter 4**